The Nigeria Extractive Industries Transparency Initiative said that Nigeria lost at least $16 billion in ten years due to non-review of the 1993 Production Sharing Contracts with oil companies.
This was one of the highlights of the latest report by NEITI released in Abuja Sunday. It was tagged “The Steep Cost of Inaction”.The study done in conjunction with Open Oil, a Berlin-based extractive sector transparency group, found that the losses could be up to $28 billion if, after the review, the federation were allowed to share profit from two additional licenses.
“By 2017, total production by PSC companies was 305.800 million barrels, which was 44.32 per cent of total production. NEITI observed that this review should have been activated in 2004 when oil prices exceeded the 20 dollars per barrel mark. The transparency watchdog disclosed that at inception in 1993, the PSC terms were drawn up to attract oil and gas companies to invest in the exploration and production of offshore fields considering the risks involved coupled with low oil prices.
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